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Ventures Platform Secures First Close of $40m Pan-African Fund

Ventures Platform, the early-stage discovery venture capital fund, championing the next generation of African entrepreneurs, has announced the first close of its new $40 million Pan-African, early-stage fund to invest in market-creating innovations.
With the close led by the Nigeria Sovereign Investment Authority (NSIA), the new fund features participation from existing investors and some new leading names across Africa’s corporate and tech ecosystems, including UAC Nigeria, VFD Group, Gbenga Oyebode, Shola Akinlade (Paystack), and global investors like; Michael Seibel (Combinatory) and Adam Draper, a second close of the fund is due to take place in early 2022 and will feature investment from select global Institutional Investors and Development Financial Institutions (DFI’s).
Building upon its stellar reputation as one of the most active early-stage investors in African tech, Ventures Platform will significantly deepen its long-standing presence in Nigeria and West Africa while also investing in select opportunities in East, North and Francophone Africa – that have the potential to expand into West Africa’s key markets.
The fund’s latest capital injection also firmly positions it to double down on existing investments in its category-leading portfolio via subsequent rounds.
Since its launch in 2016, Ventures Platform has acted as a key partner and conduit for international funds and stakeholders seeking a reliable and experienced partner to do business in Africa.
With on the ground presence on the continent and its experience with corporate partnerships, talent, growth, regulation and operations, the new fund introduces the benefit of strong local participation and strengthens Ventures Platform’s ability to institutionalise its track record of collaborating with investors from North America, Europe and Asia, who need a reliable partner to work alongside when investing in the African technology space.
As part of a move to further deepen its expertise, Ventures Platform has also onboarded leading figures across African tech as Venture Partners, including; Seni Sulyman (ex-VP at Andela, ex-COO at Bellhop, Founder at Black Ops.)
Founder and General Partner at Ventures Platform, Kola Aina, said: “Over the last six years, we’ve backed close to 70 of Africa’s most compelling tech companies, building a robust portfolio which has featured one of the largest exits our sector witnessed to date through Paystack last year.
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Crude Oil Theft: Nwoko Seeks AI Powered Surveillance, Regional Security

Sen. Ned Nwoko, the Chairman of the Senate Ad hoc Committtee on Crude Oil Theft, says Nigeria must implement a robust technological framework to curb crude oil theft in the country.Nwoko in an interview in Abuja on Monday, said that crude oil theft in the Niger Delta region had long plagued the nation, resulting in severe economic losses, environmental degradation, and national insecurity.
He said as a country heavily reliant on oil revenues to fund its budget and development, it was imperative that her national assets were treated with the seriousness they deserve, adding that it was time to reclaim control of her oil assets. He therefore advocated for the deployment of AI-Powered Surveillance ranging from drones to predictive analytics to monitor the nation’s pipelines and facilities.He also advocated for the strengthening of the country’s regional security, noting that oil theft thrives in insecurity.‘’Parallel investment in regional peace and stability is crucial. The host communities must be incorporated into the system, thereby making them have a sense of belonging in the oil and gas sector by engaging them into meaningful infrastructural development.‘’There is also the need for collaboration with Tech Firms. We must actively engage global and local tech companies with proven capacity to deliver real-time monitoring and risk detection.‘’Institutional commitment is also needed to curb crude oil theft; NNPCL and other stakeholders must be held accountable.“Monitoring should not just be technological, it must include institutional transparency.‘’Adopting Saudi Arabia’s corporate social responsibility method in collaborating with the oil and gas host communities will also go a long way in tackling crude oil theft.“If Nigeria adopts these strategies and embracs AI-driven innovation, we can reclaim control of our oil assets, meet our OPEC quota, and catalyse real economic development,” the lawmaker said.According to the chairman, senate ad-hoc committee on crude oil theft, we can no longer pretend we don’t know the cause or the cure of our problems.‘’It’s time to stop looking away. We must be intentional, patriotic, and honest. We must emulate nations whose progress is not mythical but practical. Let us do what is right for Nigeria, for now and for the future.‘’The NNPCL and the various international and national oil companies (IOCs and NOCs) operating in the sector must act decisively‘’Under the supervision of patriotic leadership, they must adopt advanced technological systems to protect our oil infrastructure and deter sabotage.’’Nwoko noted that In 2022, the then Group Managing Director of the NNPCL, Mele Kyari, assured Nigerians of efforts to adopt a model similar to that of the Saudi Aramco to combat oil theft and pipeline vandalism.He said that Kyari had admitted then that while Nigeria’s system was not yet as advanced as Aramco’s, the goal was to eventually match their level of sophistication.‘’Sadly, we are still far from that benchmark. As a nation, we must summon the courage to call a spade a spade.‘’We cannot continue with half-measures. Every meaningful step that can rescue this country from the stranglehold of economic sabotage must be taken without delay.‘’To move forward, we must learn from countries that have gotten it right. How did developed nations build systems that effectively secure their oil and gas infrastructure? What strategies and technologies do they use?, he added. (NANNEWS
Ododo Clears N98.8 Billion Debt, Tasks Officials On Grassroots Engagement, Local Patronage

From Joseph Amedu, Lokoja
Governor Ahmed Usman Ododo has charged government officials to remain close to the grassroots and ensure constant engagement with the people, noting that such connection is key to responsive governance. Ododo gave the charge during the State Executive Council Meeting held in Lokoja on Monday.
“We are in government to serve the people, and that means staying connected to their needs and aspirations,” the Governor said. As part of efforts to boost the local economy, the Governor also directed all government officials to wear Made-in-Kogi fabrics as a show of support for indigenous industries. He encouraged Kogites to take pride in local products and lead a cultural and economic renaissance from within. Also Briefing journalists after the meeting, the Commissioner for Information and Communications, Hon. Kingsley Femi Fanwo, said the administration is committed to making governance more visible and impactful. “Governor Ododo is driving a government that listens, learns, and leads from the grassroots. His directive on Made-in-Kogi fabrics is a strategic move to grow our economy and export our identity,” Fanwo said. On infrastructure, Fanwo disclosed that perimeter fencing at the Confluence University of Science and Technology (CUSTECH), Osara is 90% completed, while both male and female hostels have been completed and are already housing students. Similar projects at the Kogi State University, Kabba, are progressing satisfactorily. To improve public safety, the Council also approved a bill to restrict the movement of heavy trucks during peak hours. Another bill was approved for the establishment of the Kogi State Agency for Climate Change as part of a forward-thinking response to global environmental challenges. In a separate briefing, the Commissioner for Finance, Budget and Economic Planning, Mukadam Asiwaju Asiru Idris, announced that the Ododo administration has fully liquidated N98.8 billion in debts inherited from previous administrations within just 15 months. The breakdown includes,N8 billion in bonds from the Idris Wada administration,N50.8 billion salary bailout from the last administration,N10 billion ECA-backed infrastructure loan,N15 billion infrastructure loans from Zenith Bank and another N15 billion from UBA Plc.“This is a landmark achievement. His Excellency Governor Ododo has demonstrated fiscal discipline and commitment to economic recovery. Within 15 months, we have cleared N98.8 billion in inherited debt,” Idris said.He added that Fitch Ratings has upgraded Kogi State’s credit rating from ‘B-’ to ‘B’, with a stable outlook, citing prudent financial management. As of September 30, 2024, the state’s debt profile stands at N40.5 billion, placing it on a strong path to debt sustainability.Uncategorized
France to Partially Ban Smoking in Public Areas to Protect Children

France is to ban smoking in public outdoor spaces, including beaches, parks, school zones, bus stops and sports facilities starting July 1 as part of a nationwide effort to protect children.
Health Minister Catherine Vautrin said where there are children, tobacco must disappear.
She added that plans to lower the nicotine content in vaping products and reduce the number of flavours available.
“Anyone who violates the new smoking ban will have to pay a fine of 135 euros (153 U.
S. dollars).“The regulation is to be monitored by the municipal police.
“My goal is both simple and deeply ambitious: to ensure that children born in 2025 become the first smoke-free generation,” the minister said.
The new nationwide smoking restrictions, many of which were already in place at the local level, are designed to support that vision, she said.
However, outdoor seating at cafés and the use of e-cigarettes is exempted from the ban, but young people should no longer smoke outside schools.
The minister said that the size of the area around schools where smoking would no longer be permitted in future was still being determined.
The regulation should also prevent pupils from going outside the building to smoke.
In 2023, 15.6 per cent of 17-year-olds said they smoked, compared to twice as many 10 years earlier.
Smoking remains the leading preventable cause of death in France, responsible for 75,000 deaths annually or more than 200 per day, the health minister added.
Vautrin noted that it has been proven that prevention reduces the risk.
She also noted the economic toll, with cancer costing the country 150 billion euros per year.
Vautrin emphasised that the right to smoke is not being abolished.
“People are free to smoke at home or in designated areas. But that freedom ends where a child’s right to clean air begins.” (dpa/NAN)